Change in Your Pocket: Selling Your House Solo | VideoJoel Porter | 6/21/2012
"You hire someone who`s going to take you from start to finish and yeah, we can put a sign in the yard and we can sell it in six hours, but that`s when the work really begins," said Amy Hullet with Century 21 Realty.
That work includes drafting a purchase agreement, followed by a mountain of paperwork and phone calls.
"I think there`s a certain demographic that`s going to try to hit it on their own because it is a hot market right now. It definitely is a seller`s market. And given the low inventories we do have in Bismarck and Mandan," said Dakota Community Bank Branch Manager John Evanson.
That`s not to say selling a home on your own is impossible. Glenn Bahley of Mandan is in the process of selling his house right now.
"People call, contacts back in the oilfield. They keep asking if I know of anything for sale so that`s what I did."
Realtors and lenders say one of the biggest pitfalls that can plague any homeowner is the price. They say know what your home is worth and don`t deviate too far from that number.
"Well, my neighbor sold it for this or somebody sold it for that. Well, you may have an unfinished basement or you may have a split entry versus a ranch and it`s apples to apples. It`s not just because you`re in the same neighborhood," Hullet said.
"With a For Sale By Owner, there`s a lot of heart in the house or a lot of emotional guidance that`s guiding them toward the price. And people don`t realize, you just can`t put a price on anything or you can`t list the home for whatever you want," said Pat Koski with Trademark Realty.
Even if you know what you`re doing when selling a house, you`re still on the hook if a buyer doesn`t qualify for a loan or if the sale fails for any reason. Not to mention, you can expect to be waiting a while for the necessary documents.
Two months is about the minimum. Appraisals are out six to eight weeks. And that`s one of the biggest hold-ups we`re going to see," Evanson said.
If it`s your first time trying to sell a house, Evanson recommends calling a lender or an agent to walk you through the process. The advice is free, and it could help you avoid any costly mistakes and may save you thousands. Which means plenty of change in your pocket.
You can find more information on the website www.forsalebyowner.com.
Next week, Joel will delve more into the home sale process, including what to do if your house still hasn`t sold after weeks or even months of being on the market.